Business
12:33, 11-Aug-2017
Singapore's economy grows 2.9% in Q2 beating expectations
["other","Singapore"]
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Singapore's economy grew 2.9 percent year on year in the second quarter of 2017, according to the country's Ministry of Trade and Industry.
This means the country's economy expanded 2.7 percent in the first half of the year.
According to data by the ministry, Q2 growth beat the expectations of a 2.5-percent expansion in the three months to June and came higher than the 2.5-percent annual growth in Q1.
The ministry narrowed its forecast for economic growth for the whole year to between 2 and 3 percent, from an earlier estimate of between 1 and 3 percent.
The ministry said the manufacturing sector led the economic growth in the second quarter, as it expanded at a robust pace of 8.1 percent year on year during the period, following an 8.5-percent growth in the previous quarter.
Growth during the quarter was primarily supported by the electronics and precision engineering clusters, which expanded on the back of strong global demand for semiconductors and semiconductor-related equipment.
On the other hand, the biomedical manufacturing, general manufacturing and transport engineering segments saw a decline in output.
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